IDT Corporation (NYSE: IDT, IDT.C) today announced that Stephen R. Brown

and Marc J. Oppenheimer are swapping portfolios in IDT‘s

management team. Mr. Brown is returning to his IDT roots as Chief

Financial Officer (CFO) and Treasurer. Mr. Oppenheimer is bringing his

operational discipline and prior experience to serve as IDT‘s

Chief Operating Officer (COO), and will focus on the company‘s

expanding operations in the energy sphere. In addition, Bill Pereira,

who has served as Senior Vice President of Corporate since 2006, has

been promoted to Executive Vice President (EVP) of Finance. Liore Alroy,

Chief Executive Officer of Net2Phone since 2004, has been appointed as

EVP of IDT Corporation.

“From time to time, we tap Steve Brown‘s

talents to guide the development of new ventures, but at the end of the

day, we always seem to want him back as our CFO,“

said Howard Jonas, IDT‘s Chairman and Founder. “On

many occasions, I have praised Steve‘s

capabilities as CFO, and once again we want him in that role as we

continue to navigate our way through uncharted waters. Marc Oppenheimer

will bring his strategic expertise to the COO post and we look forward

to his guiding hand on our diverse operations—particularly

our investments in energy.“

“We have seen Marc‘s

abilities up close as a board member at both IDT and Net2Phone, as our

lead independent director and most recently as our CFO,“

said Jim Courter, IDT‘s Vice Chairman and

Chief Executive Officer. “He can manage

diverse operations and provide the discipline necessary for each of our

division‘s management teams to contribute to

the overall mission and growth of IDT. Steve has been a great resource

to IDT and its shareholders and we look forward to having him at our

financial helm once again. As we deal with troubled times at some of our

mature businesses and seek to expand other operations, we believe that

having Steve and Marc in these respective roles is the best combination

of talents for creation of long-term value.“

About IDT Corporation

IDT

Corporation is an innovative and opportunity seeking multinational

holding company with operations that span various industries. Through

its Telecom subsidiary, IDT provides telecommunications services

worldwide to the retail and wholesale markets. IDT Energy operates an

Energy Services Company (ESCO) in New York State. IDT’s Capital division

incubates newer businesses, and the Company’s Spectrum subsidiary holds

its spectrum license assets. IDT Telecom provides retail and wholesale

telecommunications services and products, including pre-paid and

rechargeable calling cards, consumer local, long distance, and wireless

phone services, and wholesale carrier services. Under the Net2Phone

brand name, the Company also provides a range of voice over Internet

protocol (VoIP) communications services. IDT Capital’s operations

include receivables portfolio management and collection, ethnic food

distribution, brochure distribution, Internet Mobile Group, Net2Phone

Ventures and other initiatives. IDT Corporation’s Class B Common Stock

and Common Stock trade on the New York Stock Exchange under the ticker

symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about

historical facts, including, but not limited to, those with the words “believe,““anticipate,““expect,““plan,““intend,““estimate,““target“

and similar expressions, are forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. While

these forward-looking statements represent IDT‘s

current judgment of what may happen in the future, actual results may

differ materially from the results expressed or implied by these

statements due to numerous important factors. These risks and

uncertainties include, but are certainly not limited to the specific

risks and uncertainties discussed in our reports filed with the SEC. All

forward-looking statements and risk factors included in this document

are made as of the date hereof, based on information available to IDT as

of the date thereof, and IDT assumes no obligation to update any

forward-looking statements or risk factors.

Zedge (www.zedge.net), the popular

destination for user-generated mobile content, has partnered with more

than 60 labels, artists and managers, including B-Real from Cypress

Hill, DEVO, The Midnight Youth, Trin-I-Tee 5:7 and emerging artists such

as Irving, This City Sunrise and Steriogram, for its 12 RINGTONES

OF CHRISTMASpromotion. Much of the mobile content presented as

part of 12 Ringtones is available only on Zedge and only through

this campaign. The 12 Ringtones of Christmas campaign runs from

December 14, 2007 to January 14, 2008.

To access, fans go to the http://www.zedge.net/christmas

to discover featured artists and the entire roster of artists, with

profiles and free mobile content from each of them. From there, fans can

browse profiles, follow links to artist sites, and for those that want

to download wallpapers, videos and ringtones, there are links on each

page for all the content available from Zedge for that artist.

Along with their contributions, all artists created their very own

profile page they can share with other users. The profiles feature their

latest news, album drops, tour dates, biographies, and relevant links to

their own sites.

“12 Ringtones of Christmas represents a

new paradigm in the promotion and delivery of music and mobile content

to both Zedge users and all fans of great music. By partnering with top

managers, labels, and emerging artists, Zedge is bringing its 6.6

million users in 216 countries free ringtones, images and video—many

of which are available on mobile for the first time and only through

Zedge,“ said Moshe Berger, head of Zedge

Studios and CEO of its parent, IDT Internet Mobile Group (IIMG).

“The 12 Ringtones of Christmas campaign

is an example of how Zedge works with content owners to greatly increase

the visibility of their artists while providing a fun way for Zedge

users to ‘free their phones‘

with the hottest, exclusive mobile music content,“

said Mark Frieser, SVP of Marketing at IIMG.

Zedge represents a significant promotional opportunity for content

owners, with a large growing membership and a proven value to the

lucrative 16-24 market. In the year since IIMG acquired Zedge, the

service has experienced phenomenal growth, with a doubling of its

membership – from three million to 6.7 million

users, an increase of daily registrations of more than 95% to over

12,000 new members daily, and more than eight million pages viewed daily

on the site. Zedge members (Zedgers) download over 750,000 unique pieces

of content daily from the library of 1,000,000 items including

ringtones, images, themes, videos, screensavers and games.

About IDT Internet Mobile Group/Zedge Ltd.:

IDT Internet Mobile Group (IIMG), a division of the Fortune 1000

telecommunications firm IDT (NYSE: IDT, IDT.C), is a leader in the

development, management and growth of cross-platform consumer

entertainment, distribution and financial services. From providing

mobile content to consumers in over 200 countries through the mobile

content portal Zedge to the creation, development and distribution of

top graphic novels through IDW Publishing and providing cash remittance

services via mobile phones to millions of people living abroad, IIMG is

dedicated to turning innovative ideas and companies into products and

services that span various industries.

About IDT Corporation:

IDT

Corporation is an innovative and opportunity seeking multinational

holding company with operations that span various industries.

In this press release, all statements that are not purely about

meaning of the Private Securities Litigation Reform Act of 1995.All

forward-looking statements or risk factors.

IDT Corporation (NYSE: IDT, IDT.C) announces operating results for the first quarter of fiscal 2008, the three months ended October 31, 2007.

• Q1 Revenues: $468.1 million, down 10.4% year-over-year.
• Q1 Net income: $6.8 million, versus net income of $213.9 million one year ago, of which $191 million was attributed to discontinued operations.
• Q1 Pretax income from continuing operations was $10.6 million, compared with $24.4 million in the year-ago period.
• Q1 Net income per share of $0.09, or $0.08 diluted, versus net income per share of $2.51 one year ago, or $2.43 per diluted share.
• Cash, cash equivalents, marketable securities, and investments totaled $542.1 million as of the end of the fiscal first quarter.

The following table summarizes the operating performance of IDT‘s continuing businesses:

Income from operations in our Wholesale Telecom segment in Q1 2008 includes a $40.0 million arbitration award described below. Income from operations in our Consumer Phone Services segment in Q1 2007 includes a $41.8 million gain on the sale of our U.K.-based consumer phone services business, Toucan.

RECENT DEVELOPMENTS

• On November 26, 2007 we announced that our Net2Phone Cable Telephony subsidiary had been awarded approximately €23 million, plus interest from November 2005, in an arbitration proceeding against Altice One S.A. and certain of its affiliates. The arbitration proceedings related to Altice’s termination of cable telephony license agreements Net2Phone had entered into in November 2004. We recorded a gain of $40.0 million for this arbitration award, including accrued interest, in our Wholesale Telecommunications Services segment in Q1 2008.
• On October 26, 2007 we announced that Stephen R. Brown, our former CFO and Treasurer, and the former co-Chairman of IDT Entertainment, was appointed as our Chief Operating Officer. Mr. Brown replaces Mr. Lichtenstein, who has assumed the position of CEO of IDT Telecom.
• During the first quarter we purchased an aggregate of 4.9 million shares of our Class B Common Stock for $38.2 million under our stock buy back program. As of October 31, 2007, 18.0 million shares of Class B Common Stock or Common Stock remained available for repurchase under the stock repurchase program. As of December 10, 2007, we had acquired another 0.4 million shares of our Class B Common Stock and Common Stock, for $3.6 million.
• On September 19, 2007 we entered into an agreement for the purchase of our headquarters office building for approximately $22.8 million in cash and the assumption of the remainder of the existing mortgage on the premises, for a total purchase price of $50 million. The purchase is subject to customary conditions and contingencies. We expect the closing of the purchase to occur during our second or third fiscal quarter in fiscal 2008.

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Please join the IDT Corporation (NYSE: IDT, IDT.C) first quarter fiscal

2008 conference call for results for the three-month period ended

October 31, 2007, along with an update on IDT’s businesses. The

conference call is scheduled for Monday, December 10th, 2007 at 4:30 PM

(Eastern). An earnings release will be available prior to the call.

Participants may join the conference call two ways—via

teleconference or webcast. The webcast may be accessed by visiting the

IDT Corporation website at www.idt.net,

or by using the hyperlink: http://www.vcall.com/IC/CEPage.asp?ID=123932.

Participants will need Windows Media software to listen to the streaming

feed of the conference call. Please allow at least 15 minutes to

download any necessary audio software prior to the call.

To participate via telephone, the dial-in number for domestic callers is

(877) 826-1579, and for international callers is (212) 729-5034, and the

Conference ID number is 27153958. Please dial in approximately 10

minutes prior to the start of the call.

An archived copy of the call will be available on the Investor Relations

page of the IDT website, at: https://www.idt.net/about/ir/overview.asp;

or via a replay, for domestic callers at (800) 642-1687, and for

international callers at (706) 645-9291, both using Conference ID number

27153958. The teleconference replay will be available for one week after

the call.

We look forward to your participation.

About IDT

IDT

Corporation is an innovative and opportunity seeking multinational

holding company with operations that span various industries. Through

its Telecom subsidiary, IDT provides telecommunications services

worldwide to the retail and wholesale markets. IDT’s Capital division

incubates newer businesses, and the Company’s Spectrum subsidiary holds

its spectrum license assets. IDT Telecom provides retail and wholesale

telecommunications services and products, including pre-paid and

rechargeable calling cards, consumer local, long distance, and wireless

phone services, and wholesale carrier services. Under the Net2Phone

brand name, the Company also provides a range of voice over Internet

protocol (VoIP) communications services. IDT Capital’s operations

include an Energy Services Company (ESCO) in New York State, receivables

portfolio management and collection, ethnic food distribution, brochure

distribution, Internet Mobile Group, Net2Phone Ventures and other

initiatives. IDT Corporation’s Class B Common Stock and Common Stock

trade on the New York Stock Exchange under the ticker symbols IDT and

IDT.C, respectively.

IDT

Corporation (NYSE: IDT, IDT.C) today announced that its Net2Phone

Cable Telephony subsidiary has been awarded approximately €23 million,

plus interest from November 2005, in an arbitration proceeding against

Altice One S.A. and certain of its affiliates. The arbitration took

place in Belgium. Net2Phone was represented by Professor Bernard

Hanotiau of Hanotiau & van den Berg.

The arbitration proceedings related to Altice‘s

termination of cable telephony license agreements Net2Phone had entered

into in November 2004.

“We are pleased that the arbitration panel has

validated what we knew to be the proper reading of our agreements with

Altice,“ said Jim Courter, CEO of IDT. “Our

pursuit of the matter shows that, as IDT‘s

operations grow in geographic and operational scope, we remain committed

to protecting our legal and contractual rights.“

About IDT Corporation:

IDT Corporation is an innovative and opportunity seeking multinational

holding company with operations that span various industries. Through

its Telecom subsidiary, IDT provides telecommunications services

worldwide to the retail and wholesale markets. IDT’s Capital division

incubates newer businesses, and the company’s Spectrum subsidiary holds

its spectrum license assets. IDT Telecom provides retail and wholesale

telecommunications services and products, including pre-paid and

rechargeable calling cards, consumer local, long distance, and wireless

phone services, and wholesale carrier services. Under the Net2Phone

brand name, the company also provides a range of voice over Internet

protocol (VoIP) communications services. IDT Capital’s operations

include an Energy Services Company (ESCO) in New York State, receivables

portfolio management and collection, ethnic food distribution, brochure

distribution, Internet Mobile Group, Net2Phone Ventures and other

initiatives. IDT Corporation’s Class B Common Stock and Common Stock

trade on the New York Stock Exchange under the ticker symbols IDT and

IDT.C, respectively.

Total Call International, Inc. and IDT/UTA have reached a complete

settlement of the lawsuit brought by IDT Telecom, Inc. and Union

Telecard Alliance, LLC against Total Call. This brings to four the

number of defendant groups that have settled the litigation commenced by

IDT/UTA earlier this year. The other settling defendants to date are

Epana Networks, Inc., Dollar Phone Corp. and related companies, and

Locus Telecommunications, Inc.

On March 8, 2007, IDT/UTA commenced a lawsuit against several prepaid

calling card companies alleging false advertising and deceptive trade

practices.

While Total Call has denied all of the allegations in IDT/UTA’s

complaint, Total Call has agreed to be bound to the terms of a

stipulated injunction in connection with settlement. The stipulated

injunction was so-Ordered on November 8, 2007 by the Honorable Susan D.

Wigenton, United States District Court Judge for the District of New

Jersey, and requires Total Call to deliver minutes of telecommunications

time stated to consumers in voice prompts and in advertising. Pursuant

to the terms of settlement agreements reached earlier this year,

defendants that have settled to date—Epana,

Dollar, and Locus—as well as plaintiffs IDT

and UTA, are bound by the terms of the injunction agreed to by Total

Call.

IDT/UTA’s lawsuit against the remaining defendants is still continuing

in federal court in Newark, New Jersey.

About IDT Telecom, Inc. and Union Telecard Alliance, LLC

IDT

Corporation (NYSE: IDT, IDT.C) is a multinational company with

operations that span various industries. Through its Telecom subsidiary,

IDT provides retail and wholesale telecommunications services and

products, including pre-paid and rechargeable calling cards, consumer

local, long distance, and wireless phone services, and wholesale carrier

services. UTA is one of the largest distributors of prepaid phone cards

in the United States and distributes over 200 different phone cards

throughout the country.

IDW Publishing, a division

of IDT Internet Mobile Group‘s Zedge

Studios, scored two big wins with its 30

Days of Nighttitle this past week. The film adaptation of the

graphic novel, produced by Columbia Pictures and Ghost House Pictures

and starring Josh Hartnett,

Melissa George and Danny

Huston, placed #1 at the weekend box office this past weekend. In

addition, the original graphic novel, created by Steve

Niles and Ben Templesmith

for IDW Publishing, was named “Comic of the

Year“ at this week‘s

2007 Scream Awards.

“This has been a tremendous week for our

company,“ says Ted Adams, IDW‘s

CEO. “The audience and industry response to 30

Days of Night is testimony to the enormous creativity and appeal of

the comics genre. Furthermore, working with Columbia Pictures and Ghost

House Pictures on the movie version was a terrific experience. It was

the first one of our titles to ‘go Hollywood‘

and we couldn‘t be more pleased with the

result. We‘re very excited about working more

closely with studios to bring our portfolio of titles to life on screen.“

“IDW‘s success

with the 30 Days of Night title confirms its status as a major

resource for fresh entertainment fare,“ says

Morris Berger, head of IDT Internet Mobile Group. “It

is only the beginning for IDW and the whole Zedge Studios family.“

About IDT Internet Mobile Group (IMG) and IDW Publishing

IDT Internet Mobile Group‘s (IMG) Zedge

Studios develops and licenses content for distribution through online

and mobile platforms. IDW Publishing, a division of IMG and the core of

Zedge Studios, is an established leader in the comic book and graphic

novel marketplace, particularly in the horror, action, and sci-fi

genres. IDW lists some of the most successful and hottest print titles

in the industry among its portfolio, including: television‘s

#1 prime time series CSI: Crime Scene Investigation, Sony’s Underworld;

Paramount’s Star Trek; Fox’s 24 and Angel; Hasbro’s The

Transformers; Universal’s Scarface, Land of the Dead

and Shaun of the Dead; and Konami’s Silent Hill, and Metal

Gear Solid. The company also works with foreign licensing agents to

sell their comics around the world, with titles being published in

multiple languages and crossing dozens of regions. Zedge Studios‘www.Zedge.net, with over six million

subscribers, is a distribution platform for mobile content and for tools

and applications for creating, viewing and sharing content. IDT Internet

Mobile Group is part of IDT

Corporation (NYSE: IDT, IDT.C), an innovative and opportunity

seeking multinational holding company with operations that span various

industries.

IDT

Corporation (NYSE: IDT; IDT.C) announced today several changes in

management personnel as well as a new executive compensation plan for

IDT Telecom. The plan is intended to identify and create incentives for

Telecom management to turn around and create enhanced value from the

various operations of that division.

The new Telecom management team will be led by Motti Lichtenstein as CEO

of IDT Telecom. Motti served as CEO of IDT Telecom during its period of

most significant growth. He moves from serving as COO of IDT Corporation

to focus on the turnaround of IDT Telecom. Joining Mr. Lichtenstein on

the IDT Telecom executive management team will be Mikhail Leibov, who

will serve as President, Marcelo Fischer as CFO, Ely Tendler as General

Counsel, and Yona Katz as COO. Mr. Leibov headed up the growth of

Corbina, IDT‘s Russian telecom operation, from

its inception through its acquisition by IDT and ultimate sale in fiscal

2007. Mr. Fischer has previously served IDT Corporation as Chief

Accounting Officer and CFO. Mr. Tendler has been General Counsel of IDT

Telecom since 2004, and will transition out of his role as Chief Legal

Officer of IDT Corporation to again focus exclusively on the Telecom

division. Mr. Katz has been with IDT Telecom for eight years and took

over as CEO of IDT Telecom after Mr. Lichtenstein‘s

move to the IDT Corporation executive team.

At IDT Corporation, Steve Brown is taking over the role of COO. Mr.

Brown previously served as CFO of IDT Corporation and Co-Chairman and

President of IDT Entertainment. Mr. Brown brings with him significant

management experience and will play a key role in managing and

supporting IDT‘s operations with a focus on

its developing businesses.

IDT‘s Board of Directors has also approved an

incentive compensation program for IDT Telecom‘s

executive team and other key employees. The program provides for sharing

with Telecom management positive cash flows generated by the businesses

they operate or develop, as well as proceeds from monetization of assets

and growth in the value created in the Telecom division above agreed

upon base values. The incentive plan is accompanied by significant cuts

in management compensation and other reductions in SG&A to help bring

Telecom‘s operations back to profitability.

“We are confident that we have identified the

correct management team to turn Telecom around and create value for our

shareholders,“ said Jim Courter, CEO of IDT. “We

have talked extensively about the competitive and other troubles facing

IDT Telecom, and the need for a comprehensive program to address those

difficulties. The new team includes members who have built and monetized

– for significant gain – successful operations in the telecommunications

industry, including IDT Telecom during its heyday. With the new

incentives, we are confident that this team can lead the turnaround

effort and produce value for our shareholders. Subject to oversight by

the IDT Corporation Board of Directors and management, we intend to give

the new team every chance to succeed and a fair amount of autonomy in

its management of Telecom and implementation of their strategic plans.“

“We have made changes at the management level

of IDT Corporation and at our largest division in order to utilize the

talent we have and focus it on growth, profitability and creation of

shareholder value,“ said Howard Jonas,

Chairman of IDT Corporation. “The new IDT

Telecom team, led by Motti and Mikhail, knows how to identify the root

cause of problems, fix them and focus on growth and producing

predictable, profitable results. At IDT Corporation, we are lucky that

Steve has agreed to take on the role of COO. Steve‘s

broad experience as CFO and as Co-Chairman and President of IDT

Entertainment brings discipline as well as the first-hand knowledge of

how to build and monetize businesses. We look forward to using his

talents in our varied operations.“

“Mikhail and I are pleased with the

confidence being placed in our team, and are excited about the

challenges ahead,“ said Motti Lichtenstein. “We

are developing strategic plans to protect and regain our positions as

market leaders in the telecommunications arena, increase the value of

our franchise and further diversify our operations. Synthesizing Mikhail‘s

technological and managerial expertise with this team‘s

historical operational strengths will accelerate our return to strong

profitability and create value for the entire IDT family.“

“I am pleased to have taken on a new role at

this crucial time for IDT,“ said Steve Brown. “I

will utilize my experience in running operations to help nurture our

smaller businesses through growth, and our larger businesses through

increased focus and discipline.“

IDT CONFERENCE CALL INFORMATION

IDT will host a conference call on Monday October 29, 2007, at 4:30 p.m.

Eastern time to discuss these recent developments. Members of management

will be available to address questions by participants in the call.

• From the U.S., please dial (800) 230-1085.

• International callers, please dial (612) 332-0226.

• Replay available for one week at

• Webcast of the conference call is available at the direct link www.vcall.com/IC/CEPage.asp?ID=122519.

  An archived copy of the call will be available on the IDT Website, in

  the Investor Relations section‘s

  Presentations for at least six months after the call.

• Additional financial and statistical information is available on the

  Investor Relations portion of IDT‘s

  website, at https://www.idt.net/about/ir/overview.asp.

ABOUT IDT CORPORATION

IDT Corporation is an innovative and opportunity seeking multinational

holding company with operations that span various industries. Through

its Telecom subsidiary, IDT provides telecommunications services

worldwide to the retail and wholesale markets. IDT‘s

Capital division incubates newer businesses, and the company‘s

Spectrum subsidiary holds its spectrum license assets. IDT Telecom

provides retail and wholesale telecommunications services and products,

including pre-paid and rechargeable calling cards, consumer local, long

distance, and wireless phone services, and wholesale carrier services.

Under the Net2Phone brand name, the company also provides a range of

voice over Internet protocol (VoIP) communications services. IDT Capital‘s

operations include an Energy Services Company (ESCO) in New York State,

receivables portfolio management and collection, ethnic food

distribution, brochure distribution, Internet Mobile Group, Net2Phone

Ventures and other initiatives. IDT Corporation’s Class B Common Stock

and Common Stock trade on the New York Stock Exchange under the ticker

symbols IDT and IDT.C, respectively.

In this press release, all statements that are not purely about

historical facts, including, but not limited to, those with the words “believe,““anticipate,““expect,““plan,““intend,““estimate,““target“

and similar expressions, are forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. While

these forward-looking statements represent IDT‘s

current judgment of what may happen in the future, actual results may

differ materially from the results expressed or implied by these

statements due to numerous important factors. These risks and

uncertainties include, but are certainly not limited tom, the specific

risks and uncertainties discussed in our reports filed with the SEC. All

forward-looking statements and risk factors included in this document

are made as of the date hereof, based on information available to IDT as

of the date thereof, and IDT assumes no obligation to update any

forward-looking statements or risk factors.

NEWARK, NJ — October 11, 2007 — IDT Corporation (NYSE: IDT, IDT.C) announces operating results for the fourth quarter, the three months ended July 31st, 2007, and fiscal 2007. 

• Q4 Revenues: $492.6 million, down 11.3% year-over-year.
• Q4 Net loss: $(112.4) million, versus a net loss of $(86.5) million one year ago.
• Q4 Net loss per share: $(1.38) versus a net loss per share of $(0.91) one year ago.
• Fiscal 2007 Revenues: $2,012 million, versus $2,226 million in fiscal 2006.
• Fiscal 2007 Loss from operations: $(172.7) million, versus $(220.8) million in fiscal 2006.
• Fiscal 2007 Net income: $58.6 million, versus net loss of $(178.7) million in fiscal 2006.
• Cash, cash equivalents, marketable securities, and investments totaled $661.0 million as of the end of the fiscal year.

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